Fintech
Financial technology (or fintech as it’s better known) is used to describe technology that aims to improve and automate the use of financial services and the way that it’s transported.
On this webpage, you'll find a wealth of information on fintech, from the latest trends and emerging technologies to the essential skills and experiences employers seek in candidates. We'll equip you with the knowledge and tools to navigate the fintech landscape, helping you make informed decisions about your academic path, extracurricular pursuits and job applications.
The main element of fintech is utilised to help companies, businesses, and consumers to manage their financial operations, processes, and lives in a more streamlined way. Fintech combines algorithms and software, that you’d find on your own technological devices such as smartphones and laptops.
Fintech is a term used to describe anything that relates to software, mobile applications and other technologies that can help automate parts of business or finance processes. Fintech uses software that can be found on our everyday devices such as computers and smartphones to help companies and consumers to be able to manage their finances in a smarter way.
The discipline is a blend of finance and technology, appealing to many business, computer science, engineering and science students.
What companies operate in this sector?
The tech industry continues to grow year after year with fintech following that trend.
It’s not just the big well-known companies such as PayPal, RobinHood and Klarna that are embracing fintech, but many start-ups are also making use of the technology. If you're interested in entering the fintech sector after graduating, there are numerous companies worth exploring. Many businesses in this field utilise fintech to promote financial inclusion, optimise operational costs, and enhance efficiency, all while delivering exceptional user experiences.
Computer science, business and data science degrees are in demand for the fintech industry. You may think that you need to get a graduate job within one of the biggest companies such as IBM, American Express and Visa, but so many companies nationally and locally are interested in hiring graduates that have an interest in this area.
Where are the jobs in fintech?
One of the biggest benefits of fintech is that it’s a growing sector recruiting graduates from a variety of degree disciplines such as computer science, business, engineering and maths. Although these subjects are in high demand employers are more concerned with your skills and what’s motivated you to work in fintech than just your degree discipline.
Where can I look for fintech roles?
Global
According to The Financial Technology Report of 2022, the top three financial companies were American Express, PayPal and Mastercard, who all found ways to grow their companies and to provide better products and services to their customers.
PayPal is one of the most valuable fintech companies across the globe. The platform offers customers services that allow them to send and receive money online without setting up bank accounts. It provides new buying opportunities to both consumers and businesses on a global scale.
UK
According to Deloitte, the UK is continuing to create global category-defining fintech's and has a variety of strengths across the board, in particular within wealthtech and payments.
A third of all UK fintech companies are outside of London, but London has been a key driver in the UK’s fintech success story. As the second highest-ranking fintech ecosystem globally, it has the world’s highest concentration of financial and professional services firms. Tech Magic has speculated that the fintech industry in the UK aims to create over 50,000 jobs and uplift the gross value by £2.4-£3bn in the next three years.
Checkout.com, Revolut and Monzo are amongst the top three fintech companies within the UK. You could be working as an analyst, data scientist or software engineer in these companies as fintech refers to any technology in finance that replaces traditional ways of doing things.
East Midlands
Nottingham boasts a vibrant fintech ecosystem, with numerous companies and startups. One notable player is Oakbrook Finance, an online marketplace specialising in personalised personal loans. Their platform connects borrowers with lenders, offering tailored terms, loan amounts, and repayment options.
Another significant presence is Finastra, a leading global financial technology firm that established an office in Nottingham over two years ago. Finastra delivers crucial technology solutions to financial institutions of all scales worldwide, counting 90 of the top 100 banks among its clients.
For those interested, Capital One presents appealing opportunities in various fintech domains such as wealthtech, insurtech, and regtech. Moreover, Capital One actively engages in fraud prevention, recognising the interplay between cybersecurity and fintech. By leveraging fintech solutions, institutions can fortify their security measures and combat fraud. As the financial services industry evolves, the fintech sector is expected to continue its impressive growth trajectory, providing accessible and secure services to customers.
If you’re interested in bringing your own fintech ideas to life you could gain support from the Ingenuity Lab based at Jubilee Campus.
According to Forbes the fintech revolution shows no signs of slowing down. The banking sector is set to undergo a transformative shift through the integration of AI technology and machine learning, enhancing the efficiency of payments, investments, and risk management processes.
Forbes also predicts that embedded finances will enable consumers to seamlessly manage their financial matters without the hassle of switching between multiple apps or websites.
Thanks to the Internet of Things, connected devices like mobile phones, laptops, and smart watches can collect and analyse data independently, eliminating the need for human input. This advancement has significantly improved the efficiency and convenience of banking and other financial services for consumers.
Furthermore, voice recognition technology is gaining popularity as an authentication tool, further bolstering security measures.
Fintech, as a sector, offers a wide range of roles to explore. While the banking industry is one avenue, there are also many fintech career opportunities within big tech firms, digital start-ups, and even cybersecurity sectors. It's important to note that fintech firms prioritise technology for financial products and services, while big tech firms often offer these as a feature of their primary services.
Some of the fintech career paths include:
- Data specialist
- Blockchain developer
- Cybersecurity analyst
- Risk and compliance expert
- Artificial intelligence developer
- Machine learning engineer
- Financial business planner
- Compliance expert
- Business development executive
What are the routes into fintech roles?
Target Jobs report that some employers require a technology-related degree such as computer science, engineering, physics or maths, but this is not a requirement for every employer. Your experiences outside of your degree are also valuable for showcasing your skills and motivation, for example, have you taken the time to learn a programming language in your spare time?
You must use any work experience as an opportunity to build valuable soft skills to get into fintech such as:
- Communication
- Teamwork
- Problem-solving
- Flexibility
- Adaptability
- Creativity
- Innovation
But if you’re able to demonstrate some technical skills such as data mining, data analytics, programming and troubleshooting that will allow you to stand out as many companies in fintech require a degree of flexibility in their roles.
If you’re considering doing a master's degree in fintech then you’ll be required to have a first-class honours degree or an upper second-class honours degree.
How do I make my job application stand out?
There are several effective strategies you can employ to distinguish yourself in the competitive fintech landscape. Consider engaging with online forums relevant to your fintech specialisation, as they provide valuable insights into the latest developments and emerging trends in the field. Actively staying updated on cutting-edge technologies is crucial.
Additionally, demonstrate your enthusiasm and commitment to the fintech sector by actively participating in events related to fintech, whether organised by the university, societies or external entities. Including these experiences in your application will showcase your passion and dedication, as well as your ability to stay current with industry trends.
By incorporating this valuable information into your job application process, you can greatly enhance your chances of standing out among other candidates.
How do I get work experience in fintech?
FinTech sets itself apart from other financial services due to its young, innovative, and rapidly expanding nature. As mentioned earlier, the key lies in showcasing your transferable skills to potential employers. This emphasises the importance of nurturing your soft skills and gaining a competitive edge. Consider dedicating time to developing a specific technical skill, which can greatly enhance your prospects.
An excellent starting point is to seek out internships and establish direct connections with industry professionals on platforms like LinkedIn. Many individuals are eager to offer advice and act as mentors to aspiring students like yourself. When reaching out to these professionals, demonstrate your enthusiasm and eagerness to evolve and learn. Let them know about your willingness to embrace new knowledge and experiences.
Total Jobs has some useful advice on how to gain fintech-related work experience as they share advice from those working directly in the industry.
We also have the Nottingham Internship Scheme which provides a range of work experience opportunities exclusively for our students and graduates. All of the opportunities are with small to medium-sized enterprises (SMEs), charities or social organisations. They take place throughout the year with schemes during spring and summer. This is an excellent way to build experience.
Nottingham Internship Scheme
University of Nottingham students have recently completed placements with companies such as Microsoft and HP. The Optional Placement Year team can also help you source a year-in-industry placement.
Optional Placement Year
Research Academy Placements and Internships are designed to help you recognise your potential and highlight future opportunities as a masters student. There are two types of placements available for you to do, either a part-time project for three to six months or a full-time three-month internship.
Researcher Academy
Shorter-term work experience or internships will also help when you are applying for a graduate job or graduate scheme. Internship and placement opportunities can be found on Gradcracker, Prospects and Rate My Placement websites, as well as MyCareer.
The main thing to do if you’re interested in a career in fintech is to just start building experience in a range of ways which are listed above.
What can I do next at Nottingham?
Take a look at our fintech blog post that explores what fintech is, where to find jobs and what is trending within the sector.
You may want to explore the university's Fintech and Crypto society which actively promote and build awareness of the rapidly rising fintech industry.
HackSoc is also a great way to get experience in learning new tech skills and networking with like-minded individuals. HackSoc organises HackNotts Hackathon.
To enhance your prospects of a career in fintech, consider attending networking events. Several tech meetups take place in the Nottingham area that you could get involved in. These are good places to speak to like-minded people, keep up-to-date with industry trends and news and pick up some tips too.